Question: Engineering Economics. Don't guess if u don't know it. Do bot answer In 1990, Mrs. John Hay Whitney sold her painting by Renoir, Au Moulin
In 1990, Mrs. John Hay Whitney sold her painting by Renoir, Au Moulin c/e la Galette, depicting an open-air Parisian dance hall, for $71 million. The buyer also had to pay the auction house commission of 10% or a total of $78.1 million. The Whitney family had purchased the painting in 1929 for $165,000. Determine the real rate of return that the Whitney family received if the inflation rate is 3.5%
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